TAHDCO mulling to lend directly to SC beneficiaries, says Kandasamy

VELLORE: TN Adi Dravidar Housing and Development Corporation (TAHDCO) is working on a project to grant financial assistance to SC beneficiaries directly as commercial banks are not releasing loans on time thereby delaying their efforts to come up in life, said the corporation’s MD KS Kandasamy.

Kandasamy, who attended a review meeting of various SC/ST and TAHDCO schemes for Krishnagiri, Vellore, Tirupattur, Tiruvannamalai and Ranipet districts chaired by AD Welfare Minister Kayalvizhi Selvaraj,, said, “in the five districts alone 2,174 loan applications were pending with banks for more than a year, while 685 applications were pending for more than six months.”

“It is duration, which prompted TAHDCO to take up banking activity as all that we need is the necessary banking software. Based on 4 per cent interest we charge for the amount granted, TAHDCO will get 2.5 per cent while the Central and state governments will get 1 per cent and 0.5 per cent respectively,” he added.

Pointing out that such a model was already in existence in Kerala, Kandasamy said, “however the conditions there are so stringent. We now plan to take a 7-member team to Telangana by the end of this month to study a similar project there.”

Similarly, efforts were under way to introduce land purchase schemes, which would include the land development cost. Till now it was separate and was the sole reason for many not using it. Also, the need to show 4.50 acres for tractor loan would soon be removed.

Similarly, efforts were under way to introduce land purchase schemes, which would include the land development cost, the TAHDCO MD said